UPDATE 1-Biotech company Moderna expects to raise up to $521.7 mln in IPO [Reuters]

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UPDATE 1-Biotech company Moderna expects to raise up to $521.7 mln in IPO | Reuters 1 Min Read (Adds Breakingviews link) Nov 28 (Reuters) - Biotech company Moderna Inc said on Wednesday it expected to raise up to $521.7 million in its initial public offering, valuing the company at about $7.8 billion at the top end of the pricing range. The company expects its offering of 21.7 million shares to be priced between $22 and $24 per share, Moderna said in a filing ( bit.ly/2FLA1dW ). The company, which develops drugs based on molecules known as messenger RNAs, said it intends to use a major portion of the net proceeds on drug discovery and development. Founded in 2010, the Cambridge, Massachusetts-based company plans to list on the Nasdaq under the ticker “MRNA”. Morgan Stanley & Co LLC, Goldman Sachs & Co LLC and J.P. Morgan Securities LLC are leading a 11-member underwriting team for the IPO. Reporting by Bharath Manjesh in Bengaluru; Editing by AnilD'Silva All quotes delayed a minimum [Read more]

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